New H1B cap initiation with approved I140

[priyanka_p]

Hello Team, I am currently on L1 and I have two more years of the total period. I have an approved I140. My employer is insisting me to apply for H1B this year. In case if my H1B petition got selected in lottery and approved, what will happen to the period of stay if I stayed in US for 5 years already? Having the approved I140, the new H1B petition will be approved /extended beyond 6 years or do I have to leave the country after 6 years?
Also, I have been with the same employer who filed my green card and I140, does the employer have to file for a new perm?
It will be really helpful, if someone can respond. Thanks in advance..